Intragroup propping: Evidence from the stock-price effects of earnings announcements by Korean business groups
DC Field | Value | Language |
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dc.contributor.author | Bae, Gil S. | - |
dc.contributor.author | Cheon, Youngsoon S. | - |
dc.contributor.author | Kang, Jun-Koo | - |
dc.date.accessioned | 2021-09-09T04:54:44Z | - |
dc.date.available | 2021-09-09T04:54:44Z | - |
dc.date.created | 2021-06-10 | - |
dc.date.issued | 2008-09 | - |
dc.identifier.issn | 0893-9454 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/122825 | - |
dc.description.abstract | Using earnings announcement events made by firms belonging to Korean chaebols, we examine propping within a chaebol. Consistent with the market's ex ante valuation of intragroup propping, we find that the announcement of increased (decreased) earnings by a chaebol-affiliated firm has a positive (negative) effect on the market value of other nonannouncing affiliates. The sensitivity of the change in the market value of nonannouncing affiliates to abnormal returns for the announcing firms is higher if the cash flow right of the announcing firm's controlling shareholder is higher. The sensitivity is also higher if the announcing firm is larger, performs well, and has a higher debt guarantee ratio. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | OXFORD UNIV PRESS INC | - |
dc.subject | ASIAN FINANCIAL CRISIS | - |
dc.subject | CORPORATE GOVERNANCE | - |
dc.subject | EMERGING MARKETS | - |
dc.subject | FIRM VALUE | - |
dc.subject | OWNERSHIP | - |
dc.subject | PERFORMANCE | - |
dc.subject | INDUSTRY | - |
dc.subject | WORLD | - |
dc.title | Intragroup propping: Evidence from the stock-price effects of earnings announcements by Korean business groups | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Bae, Gil S. | - |
dc.identifier.doi | 10.1093/rfs/hhn055 | - |
dc.identifier.scopusid | 2-s2.0-52449133429 | - |
dc.identifier.wosid | 000259331400005 | - |
dc.identifier.bibliographicCitation | REVIEW OF FINANCIAL STUDIES, v.21, no.5, pp.2015 - 2060 | - |
dc.relation.isPartOf | REVIEW OF FINANCIAL STUDIES | - |
dc.citation.title | REVIEW OF FINANCIAL STUDIES | - |
dc.citation.volume | 21 | - |
dc.citation.number | 5 | - |
dc.citation.startPage | 2015 | - |
dc.citation.endPage | 2060 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | scie | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Business, Finance | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.subject.keywordPlus | ASIAN FINANCIAL CRISIS | - |
dc.subject.keywordPlus | CORPORATE GOVERNANCE | - |
dc.subject.keywordPlus | EMERGING MARKETS | - |
dc.subject.keywordPlus | FIRM VALUE | - |
dc.subject.keywordPlus | OWNERSHIP | - |
dc.subject.keywordPlus | PERFORMANCE | - |
dc.subject.keywordPlus | INDUSTRY | - |
dc.subject.keywordPlus | WORLD | - |
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